ITI Small Cap Fund vs Kotak Nifty Alpha 50 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ITI Small Cap Fund is a Small Cap fund and Kotak Nifty Alpha 50 ETF is an ETF fund. In the 3 years to 30-10-2026, ITI Small Cap Fund (Direct) returned 22.1% a year and Kotak Nifty Alpha 50 ETF returned 13.5% a year. ITI Small Cap Fund charges 0.84% a year and Kotak Nifty Alpha 50 ETF 0.71%. Their portfolios overlap 30.1%: they hold 21 of the same securities.
Kotak Nifty Alpha 50 ETF
ETF
- 3 year return
- 13.5%
- Expense ratio
- 0.71%
- NAV
- ₹49.77
Which is better, ITI Small Cap or Kotak Nifty Alpha 50 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Small Cap returned more over 3 years: 22.1% a year against 13.5%.
- ITI Small Cap returned more over 1 year: 11.1% against 1.4%.
- Kotak Nifty Alpha 50 ETF costs less: 0.71% a year against 0.84%.
- ITI Small Cap swung less over 3 years: a standard deviation of 19.2% a year against 22.3%.
- ITI Small Cap fell less in its worst fall since 29-12-2021: −24.2% against −33.5%.
- Kotak Nifty Alpha 50 ETF holds more in large companies: 25.0% of the fund in large caps against 7.3%.
- ITI Small Cap is the larger fund: ₹3,666 Cr against ₹892 Cr.
- Their portfolios overlap 30.1%: 21 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | ITI Small Cap Fund | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Fund house | ITI Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Small Cap | ETF |
| AUM | ₹3,666 Cr (30-09-2026) | ₹892 Cr (30-09-2026) |
| NAV | ₹36.08 (Direct) | ₹49.77 |
| Expense ratio (Direct) | 0.84% | Not available |
| Expense ratio (Regular) | 2.21% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Alpha 50 TRI |
| Launch date | 17-02-2020 | 22-12-2021 |
| Minimum investment | ₹5,000 | Ongoing purchases directly from the Mutual Fund would be restricted to Authorized Participants and Large Investors provided the value of units to be purchased is in creation unit size. Authorised Participants and Large Investors may buy the units on any b |
| Lock in | None | None |
| Fund managers | Dhimant Shah, Alok Ranjan | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Nil |
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Kotak Nifty Alpha 50 ETF | −3.14% | −3.04% | +2.16% | +1.38% | +13.53% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Year-wise Returns
| Year | ITI Small CapITI Small Cap | Kotak Nifty Alpha 50 ETFKotak Nifty Alpha 50 ETF |
|---|---|---|
| 2026to date | +15.04% | +3.29% |
| 2025 | −2.54% | −10.82% |
| 2024 | +36.28% | +32.40% |
| 2023 | +54.63% | +41.79% |
| 2022 | −2.37% | −16.57% |
| 2021 | +34.93% | -- |
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of ITI Small Cap Fund
Rolling returns
Every 3-year holding period, 453 of them, one for each trading day from 30-12-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
ITI Small Cap Fund (Direct)
Kotak Nifty Alpha 50 ETF
Nifty Smallcap 250 TRI
to
Feb 2025Jun 2022
to
Jun 2025Oct 2022
to
Oct 2025Jan 2023
to
Jan 2026May 2023
to
May 2026Sept 2023
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 23.2 | 76.8 | 27.0% | 26.7% | 20.2% | 36.3% | 100% |
| Kotak Nifty Alpha 50 ETF | 0.0 | 0.4 | 7.3 | 16.3 | 44.6 | 27.5 | 4.0 | 17.9% | 18.5% | 4.4% | 26.8% | 33% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 7.1 | 38.4 | 42.4 | 12.1 | 20.7% | 20.5% | 11.4% | 31.2% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty Smallcap 250 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 29-12-2021. Past returns do not promise future returns.
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-12-2021 to 30-10-2026: 59 instalments, ₹5,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Small CapITI Small Cap Fund (Direct) | ₹5,90,000 | ₹9,74,783 | ₹3,84,783 | 20.6% |
| Kotak Nifty Alpha 50 ETFKotak Nifty Alpha 50 ETF | ₹5,90,000 | ₹7,54,941 | ₹1,64,941 | 10.0% |
ITI Small CapITI Small Cap Fund (Direct)
Kotak Nifty Alpha 50 ETFKotak Nifty Alpha 50 ETF
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Small Cap Fund (Direct) | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Return (CAGR) | +11.05% | +1.38% |
| Standard deviation | 18.41% | 20.35% |
| Sharpe ratio | 0.32 | -0.19 |
| Sortino ratio | 0.44 | -0.26 |
| Maximum drawdown | −15.2% (23-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.98 | 1.00 |
| Alpha | +14.07% | −1.62% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | ITI Small Cap Fund (Direct) | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Return (CAGR) | +22.07% | +13.53% |
| Standard deviation | 19.22% | 22.29% |
| Sharpe ratio | 0.83 | 0.34 |
| Sortino ratio | 1.12 | 0.45 |
| Maximum drawdown | −24.2% (03-03-2025) | −31.5% (03-03-2025) |
| Beta | 0.98 | 1.00 |
| Alpha | +9.83% | −1.29% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | ITI Small Cap Fund (Direct) | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Return (CAGR) | +21.13% | +8.13% |
| Standard deviation | 19.88% | 21.61% |
| Sharpe ratio | 0.80 | 0.10 |
| Sortino ratio | 1.04 | 0.14 |
| Maximum drawdown | −39.9% (24-03-2020) | −33.5% (27-02-2023) |
| Beta | 0.94 | 1.00 |
| Alpha | +1.86% | −1.90% |
From daily NAVs, 19-02-2020 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
ITI Small Cap Fund (Direct)
Kotak Nifty Alpha 50 ETF
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −24.2% | 16-12-2024 | 03-03-2025 | 06-05-2026 | 14 months | −8.2% |
| Kotak Nifty Alpha 50 ETF | −33.5% | 06-04-2022 | 27-02-2023 | 13-11-2023 | 9 months | −16.0% |
| Nifty Smallcap 250 TRI | −26.6% | 17-01-2022 | 20-06-2022 | 15-06-2023 | 12 months | −9.4% |
From daily values since 29-12-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ITI Small Cap Fund (Direct)
Kotak Nifty Alpha 50 ETF
Nifty Smallcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ITI Small Cap Fund (Direct)
Kotak Nifty Alpha 50 ETF
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Small Cap Fund (Direct) | 95% | 67% | 6.31% |
| Kotak Nifty Alpha 50 ETF | 98% | 113% | 10.07% |
From month-end values since 29-12-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Small Cap Fund, September 2026; Kotak Nifty Alpha 50 ETF, September 2026
Holdings in common
- Overlap
- 30.1%
- Held by both
- 21
- Only in ITI Small Cap
- 65
- Only in Kotak Nifty Alpha 50 ETF
- 29
| Security | % of ITI Small Cap | % of Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Welspun Corp Limited | 2.89% | 3.53% |
| Acutaas Chemicals Limited | 3.55% | 2.49% |
| Laurus Labs Limited | 2.36% | 2.44% |
| Multi Commodity Exchange of India Limited | 1.88% | 2.57% |
| Apar Industries Limited | 1.68% | 2.55% |
| Karur Vysya Bank Limited | 1.93% | 1.56% |
| Kirloskar Oil Engines Limited | 1.56% | 3.25% |
| Navin Fluorine International Limited | 1.53% | 1.81% |
| Radico Khaitan Limited | 1.73% | 1.32% |
| TD Power Systems Limited | 1.31% | 4.14% |
| Ather Energy Limited | 1.30% | 3.85% |
| Hitachi Energy India Limited | 1.17% | 1.72% |
| RBL Bank Limited | 1.17% | 1.19% |
| Solar Industries India Limited | 1.37% | 1.16% |
| Hindustan Copper Limited | 1.08% | 2.55% |
| One 97 Communications Limited | 1.05% | 1.22% |
| The Federal Bank Limited | 1.04% | 1.89% |
| BSE Limited | 1.02% | 1.44% |
| Aditya Birla Capital Limited | 1.00% | 1.31% |
| Manappuram Finance Limited | 0.92% | 0.85% |
| MTAR Technologies Limited | 0.68% | 4.89% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.1% means 30.1% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in ITI Small Cap Fund
| Security | % of fund |
|---|---|
| VA Tech Wabag Limited | 1.98% |
| Wockhardt Limited | 1.90% |
| Cartrade Tech Limited | 1.79% |
| GNG Electronics Ltd | 1.77% |
| Sai Life Sciences Limited | 1.60% |
Largest holdings only in Kotak Nifty Alpha 50 ETF
| Security | % of fund |
|---|---|
| CUPID LTD. | 8.46% |
| STERLITE TECHNOLOGIES LIMITED. | 5.33% |
| Bharat Heavy Electricals Ltd. | 2.35% |
| Vodafone Idea Ltd | 2.27% |
| HFCL LTD | 2.26% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Small Cap | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Equity | 94.7% | 99.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 5.3% | 0.6% |
Market cap of stocks
| Market cap | ITI Small Cap | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Large Cap | 7.3% | 25.0% |
| Mid Cap | 20.1% | 29.5% |
| Small Cap | 62.5% | 40.8% |
| Not on AMFI's list | 4.9% | 4.1% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | ITI Small Cap | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Electrical Equipment | 7.4% | 17.1% |
| Pharmaceuticals & Biotechnology | 12.1% | 0.0% |
| Banks | 7.8% | 10.7% |
| Industrial Products | 9.8% | 8.5% |
| Auto Components | 8.6% | 2.0% |
| Personal Products | 0.0% | 8.5% |
| Finance | 3.6% | 6.9% |
| Non - Ferrous Metals | 1.9% | 5.7% |
| Capital Markets | 4.8% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Small Cap vs Kotak Nifty Alpha 50 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Small Cap Fund | Kotak Nifty Alpha 50 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | Not available |
| Base expense ratio (Direct) | 0.45% | 0.00% |
| Total expense ratio (Regular) | 2.21% | Not available |
| Base expense ratio (Regular) | 1.65% | 0.25% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
ITI Small Cap Fund vs Kotak Nifty Alpha 50 ETF: Frequently Asked Questions
What is the difference between ITI Small Cap Fund and Kotak Nifty Alpha 50 ETF?
ITI Small Cap Fund is a Small Cap fund, Kotak Nifty Alpha 50 ETF is an ETF fund, run by ITI Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 30.1%. ITI Small Cap Fund charges 0.84% a year and Kotak Nifty Alpha 50 ETF 0.71%.
Which has given higher returns, ITI Small Cap Fund or Kotak Nifty Alpha 50 ETF?
Over 1 year: ITI Small Cap Fund +11.05%, Kotak Nifty Alpha 50 ETF +1.38%. Over 3 years: ITI Small Cap Fund +22.07% a year, Kotak Nifty Alpha 50 ETF +13.53% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Small Cap Fund or Kotak Nifty Alpha 50 ETF?
Kotak Nifty Alpha 50 ETF charges less: 0.71% a year against 0.84%. These are the total expense ratios reported to AMFI.
How much do ITI Small Cap Fund and Kotak Nifty Alpha 50 ETF overlap?
30.1%. They hold 21 of the same securities, the largest shared ones being WELCORP, ACUTAAS, LAURUSLABS. From each fund's latest monthly portfolio.
Which is riskier, ITI Small Cap Fund or Kotak Nifty Alpha 50 ETF?
On SEBI's riskometer, ITI Small Cap Fund is rated Very High and Kotak Nifty Alpha 50 ETF Very High. Over 3 years, the standard deviation of daily returns was 19.22% and 22.29% a year.
Which is better for SIP, ITI Small Cap Fund or Kotak Nifty Alpha 50 ETF?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,56,806 in ITI Small Cap Fund (XIRR 13.8% a year) and ₹3,86,039 in Kotak Nifty Alpha 50 ETF (XIRR 2.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both ITI Small Cap Fund and Kotak Nifty Alpha 50 ETF?
Yes. 30.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Small Cap Fund and Kotak Nifty Alpha 50 ETF?
ITI Small Cap Fund: Dhimant Shah, Alok Ranjan. Kotak Nifty Alpha 50 ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.